Interesting that you ask about these two speakers. They are the two that I also am looking into.
Soundstage.com will be releasing their review of the M-5 in the next couple of months.
I wish Axiom produced a larger bookshelf speaker with deep bass. Something like a stand mounted version of the Axiom M-50 would be GREAT! I would be first in line to buy that one.

Perhaps noone has had the opportunity to listen to the speaker you mention? I don't think anyone is ignoring the question, but awaiting the answer from someone in the know. Also, this is a board for Axiom users....but we welcome all!

When I was shopping for a speaker in the $1k price range, I auditioned PSB, Axiom, Paradigm, Infinity and Mission. I rated them this way Axiom, PSB, Paradigm,Mission, Infinity. In all ways the Axioms outperformed the Paradigms. That was a while ago, and things may change.

My comparison was based on the $1k price range. What I was able to do was bring into my listening room models that a couple of local dealers (and good friends) carried. Now, keep in mind this was sometime ago, but if memory serves the products played out like this:
Axiom - AX2, AX3
PSB - 50's, Stratus 180
Paradigm (model numbers escape me - Floor standing model, and largest non floor standing 50Mk??)
Missions (as above.....must be getting old!!)
Infinity ( does not matter, they were both truly awful)

I really like the PSB Stratus 180's, they were very good quality and sounded nice. They did not have the bass response of the Axioms. The Missions were very midrange forward, and were perhaps a little too midrange for me. As a pointof note, I have a set of Mission 700 bookshelf speakers that I like for a background music system for my wife(but she is eyeing replacement with my NAD/Rega/Axiom...so I may get to shop!!!). The Axioms were very clear, precise, the sound was impressive, and the cabinets were good....much better in my estimation than the current cabinets. They have a solid feel and sound to them if you knock on them, the new models sounded almost hollow...not that this is an indication of a lesser quality, just something I noticed. Paradigm makes great claims about there cabinets being rock solid.

Anyway, the Paradigms seemed to be missing something. The quality was good, but I chose the AX2's and had a dealer substitute the AX3's for the same cost. I have auditioned the M40 and M50 of the towers, and found the finish lacking, and the sound good. I probably would rank them higher, but the dealer was literally of no help, and did not seem to want me to look at them - he was pushing the discounted Rotel amps and NHT speakers on my as they were clearing them out. He did not want to assemble what I would call a "better" amp and source for me to listen, so I listened and would not return if I wanted to get them.

Anyway, this market is saturated with speakers. But only a handful deserve to be called quality. Based on my past experiences with Axiom, I would not hesitate to put them on the top of my list for this price segment.